Current News

Charter One Financial, Inc (NYSE: CF) has announced that Ethan A “Skip” Allen, Jr has been named vice president of corporate banking in Vermont.
Allen will be responsible for overseeing the expansion of Charter One’s corporate banking efforts by originating new commercial loans and managing existing loan relationships in the eastern New York and New England regions.
Prior to joining Charter One, Allen served as a vice president with Community National Bank. He brings over 30 years of experience in banking to his new position.
Allen holds degrees from Champlain College and the University of Vermont.. He is a member of the Vermont Educational and Health Buildings Financing agency and the Vermont Banker’s Association.

A coalition of business leaders is doing everything it can to create jobs in Vermont. A new website, www.vermontcpr.org, has arrived on the scene to support revision of Vermont’s permitting process in order to pump life into the Vermont economy. The website urges legislative initiatives to make meaningful changes to the Act 250 process this legislative session.
Sponsored by the Coalition for Permit Reform (CPR), the goal of the new site is to mobilize individuals to encourage the legislature to enact reform that creates a more consistent, more predictable and more timely permit process, while preserving Vermont’s existing environmental protections.

Mike Wallace, co-editor and correspondent of CBS's 60 Minutes will be the keynote speaker at the Governor's Summit for the Employment of People with Disabilities.
This year's summit will focus on the employment of people with mental health issues. Wallace will speak about his struggles with depression, a mental health disorder that affects 18 million Americans.
Governor James Douglas will be presenting awards to Vermont businesses that have made a difference in employing people with disabilities. Senator James Jeffords will also be speaking at the luncheon.
The Luncheon will be held April 7 at 1:00 pm at the Sheraton Burlington Hotel & Conference Center. For more information please contact Chris McCarthy, VABIR, 802-655-7215

Husky Injection Molding Systems has announced a $13 million expansion plan for its Milton, Vermont plant. The expansion could bring as many as 100 jobs to the area within the next year. Husky has begun the hiring with 50 new jobs now with the prospect of hiring an additional 50 over the coming year. These jobs would be in engineering, manufacturing and support.
Plans include a 17,000 square foot addition to the Husky plant located on North Road in Milton. There are plans to move part of the operation to a 20,000 square foot plant in the Catamount Industrial Park in Milton.
The construction will start as soon as permits are in hand and completion of the project is slated for September.
Husky manufactures molds and machines for the plastics industry and employs 400 at its Milton Plant.

A group of four Vermont chief executives―Ed Colodny of Fletcher Allen Healthcare, Liz Robert of Vermont Teddy Bear, Joe Boutin of Merchants Bank and John Casella of Casella Waste Systems―will participate in a panel discussion titled “How do Responsible Public Companies Handle the Issues of Enron+1?” on April 10 at Middlebury College. The town-meeting-style open event, which is the 2003 D.K. Smith Spring Forum, will take place from 4:30-6 p.m. in Room 216 of Bicentennial Hall on Bicentennial Way off College Street. Following the panel, there will be a reception in the Great Hall of Bicentennial Hall.

Montpelier, Vt.- Governor Jim Douglas announced that Homeland Security
Secretary Tom Ridge is making a total of $4,963,000 of fiscal year 2003
grant funds available for local and state homeland security preparedness in
Vermont. The money is for domestic preparedness equipment, training and
planning.
Governor Douglas said that Vermont's Homeland Security Unit (HSU) would work
with all response organizations in the state to ensure that grant funds
reach the largest number of participants in the most effective manner.
"Over the next 30 days we will be working closely with representatives from
the U.S. Department of Homeland Security to finalize the details of this
grant," Douglas said. "These additional resources will allow our local
first responders and state public safety units to be more prepared for a
variety of public safety scenarios."

IDX Systems Corporation (NASDAQ:IDXC) reported results today for the fourth quarter and year ended December 31, 2002.
Revenues for the fourth quarter ended December 31, 2002 were $122
million compared with $103 million in the fourth quarter of 2001.
Revenues for the twelve-month period ended December 31, 2002
increased more than 17% to $460 million compared with revenues of
$391 million for the same period in 2001. Revenues reflect the adoption
of EITF 01-14, and all periods presented, including 2001, have been
reclassified to reflect this on a consistent basis.
Fourth Quarter Results excluding special items
IDX considers net income excluding special items to be the most relevant benchmark of the Company's core operating performance.
The Company reported fourth quarter 2002 net income of $5.0 million,
or $0.17 per share, excluding a lease abandonment charge, compared

IDX Systems Corp and the State of Vermont to start an apprenticeship program that will train workers for jobs at the medical software company in South Burlington.
Interested people must be willing to train for eight weeks. The training cost nothing and also pays nothing. Once they pass the training course they will have an opportunity for a paid, full-time apprenticeship at IDX Systems Corp. After the one year apprenticeship they have an opportunity for a full-time job that pays in the range of $45,000 to $50,000 a year.
This apprenticeship program is a joint effort between the State of Vermont and Vermont HITEC, a nonprofit organization affiliated with IDX.
Started one year ago, the IDX information technology program is the first in the state. Starting April 15th, this will be the fourth program with 17 students enrolled.

Jager Di Paola Kemp, a Burlington design and marketing firm will aly off eleven employees, thirteen percent of its staff. The company staff will now consist of 73 employees.
The layoffs were in response to less marketing dollars coming from Burton Corp. Burton is a manufacturer of snowboards and accessories with headquarters in Burlington.
Recently Burton Corp cut 42 jobs at the company as part of a restructuring plan that includes cost-cutting measures throughout the company.
Jager Di Paola Kemp has handled the Burton account since the 1980's.

Vermont Department of Employment & Training
Vermont Labor Force Statistics (Seasonally Adjusted)
January 2003 December 2002 January 2002
Total Labor Force 351,600 351,900 345,500
Employment 337,400 338,700 332,600
Unemployment 14,300 13,200 12,900
Rate (%) 4.1 3.7 3.7
Montpelier - The Department of Employment and Training recently announced a
seasonally adjusted state unemployment rate of 4.1 percent for January, an increase of
four tenths of a percentage point from the revised December estimate. The comparable
national rate was 5.7 percent, down three tenths of a point from the prior month.
Unemployment rates for Vermont's 13 labor market areas ranged from 2.2 percent in
Hartford, to 8.4 percent in Newport. Labor market area rates are not seasonally adjusted;

John W Davis, CPA and principal of John Davis & Associates, CPAs, expressed his enthusiasm for the web site created by Earthlogic Media Technologies. "With this attractive, easy-to-use, informative new web site the firm has demonstrated keenly the power of web technology to work for the accounting industry. I like the sections with the latest news and financial calculators, the page of many business resource links, but perhaps most of all, the CPA profiles page allowing our clients to know personally who they are working with."
The John Davis & Associates, CPAs site offers an "Our Community" page featuring profiles and news of its clients to share with others, giving clients another aveunue for exposure in the community. The web site displays informative brochures, newsletters and articles about the firm's services. Visitors can now sign up and receive email announcements on a regular basis keeping them up to date on the latest financial and accounting news.

How Do Responsible Public Companies Handle the Issues of Enron+1?
A panel of Vermont CEOs will explore critical themes in a town-meeting-style open discussion
§ Sarbanes-Oxley Corporate Reform Bill

§ Accountability – accounting and auditing

§ Board of directors and the auditing committee

§ Unresolved issues
Moderator

· Scott Pardee, Alan R. Holmes Professor of Monetary Economics, Middlebury College
Panelists

· Joe Boutin, President and CEO, Merchants Bank

· Edwin Colodny, CEO (Retired), USAIR; Acting CEO,

· Liz Robert ‘78, Chief Bear Officer, Vermont Teddy Bear, Inc.
Co-sponsored by

DigitalBridges2.0 Club of Middlebury College
Student Investment Committee of Middlebury College
Middlebury College D.K. Smith 2003 Spring Forum

Thursday, April 10, 2003

4:30-6:00 p.m.

Room 216, Bicentennial Hall, Bicentennial Way off College Street (Route 125)